mortgage

[howemaiden]

I got my first mortgage with a friend in 2006, we took a 5 years interest only one out, so therefore we have 2 years left. we decided to put our flat up for sale last july as the cost of living was too much, and move back to living with our parents.
As no one was interested in buying or even viewing we decided to rent the flat out.
My friend has now decided he wants to move back in where as I would prefer to keep renting it out till the 2 year period is up, this way we dont get any penalties to pay for coming out of the mortgage early and also gives us more money to save or do what we want with. My question is if my friend moves back and i stay living with my parents then is it right that i should still be paying half the mortgage?

[Ethel]

Yes - you bought it between you with the intention of living in it. You are responsible for the mortgage payments and it was your choice to move out

[sandmaster]

Certainly you are responsible. Just as you will be entitled to a share of any profit (if any) when the flat is eventually sold. You may be able to negotiate with your friend, though, that he pays all the utility and council tax bills whilst he lives there alone.

[bednobs]

or how about you rent your "half" out so that he/she has a flatmate. I dont understand why you would have to pay penalties on the mortgage if you moved back in

[buildersmate]

She means penalties if they cease the mortgage before the 5 years are up, bednobs.

[bednobs]

but surely if they move back in they will still be payng the mortgage (as they will be even if they coninue to rent it out) therefore they wont be finishing the mortgage earlier